Economic Treason

No matter who “wins” the next presidential election, the economy is not going to survive. Perhaps the whole banking system will fail, sparking hyperinflation like that of the Zimbabwean sort.

People tend to shrug their shoulders or wag their heads at one trillion dollars of debt service, because they know there’s nothing they can do about it. That doesn’t mean that it’s not serious or ultimately the republic-ending consequence of treason. Treason? Yes, treason.

What the elected officials, even those who vote against spending bills, are doing is endangering the national security of the nation, as if there were anything left of it with wide-open borders. When the nation becomes so indebted that it cannot defend itself, it is the same as physically destroying their own military. What good are planes that can’t fly, because there’s no way to get the fuel? No one to haul it? The reason even those who vote against spending bills are guilty of treason, is they know it’s a means of looting the treasury and most of them will tell you outright that it is. Our treasury is part of a money-laundering scheme and when they need more money, they just print it, or more accurately, add zeros to a digital database.

The idea that “Trump will fix it” is whistling past the graveyard. He can’t. The implosion will be on his watch. The only slight thing he might do to soften the blow is to come into office with an axe to all Executive branch agencies, something that will get him impeached immediately for the ironic accusation of harming “national security.”

The only thing that can save the nation, and to a lesser degree the economy, in my mind, is to forgive private debt this time around. The trouble is actually greater than just the economy, it’s the whole financial system of not only the United States, but every nation associated with it. NATO would be frozen in place, a cardboard sign over the doorway. Those nations who use the US Dollar as it’s own currency and those who use it as a reserve currency would be decimated, probably sparking mass revolts and a series of revolutions.

Forgiving private debt would immediately provide a cash infusion without having to print money. That doesn’t mean that it would stave off any drastic damage to the financial system, but that damage is already baked into the outcome. The inability to transfer debt to some other financial institution is better than bailing out one institution to absorb and buy that debt. The stock market plunge alone would wipe out multi-trillions of private assets in the blink of an eye, something that would preclude being able to use private assets to pay off the debt all together. The released funds from private debt could act as a counter to that loss.

Typically, I don’t go for this sort of thing as a matter of principle; a debt entered into incurs a moral obligation to repay it. Our national debt, that threatens the banking system to begin with, however, was not entered into with our consent or every spending bill would have to first garner the support of the people through some means of approval. The average citizen who pays taxes is not allowed a say in how the money is spent, most often against their wishes. They are only allowed, every 2, 4 or 6 years to choose one of the two people who will raid the treasury to shore up campaign contributions, so there is no actual say in that act.

In Deuteronomy 15:1-2 it says “At the end of every seven years you shall grant a release. And this is the manner of the release: every creditor shall release what he has lent to his neighbor. He shall not exact it of his neighbor, his brother, because the Lord's release has been proclaimed.” So, the practice is not unheard of and that act alone was to allow the people to be free of bondage.

What I do find equally immoral as failing to pay off one’s debts willfully and with knowledge of their obligations, is to enslave future generations with debts that were incurred at birth. I find fiscal servitude much more offensive than a one-time absolution of debt.

One way or the other, we are going to come to an economic apocalypse in the near future, it’s how we handle it that will make the difference. A one-time forgiveness of private debt would put the majority of stakeholders in the United States at a distinct economic advantage with the bulk of their assets now freed-up to engage in other commerce.

The damage done to the banking system is negligible, because they have done it to themselves already. Bank of America is said to be tottering right now. How many others are only supported by the corruption of the system? Long gone is the requirement to hold a certain amount of cash on hand versus deposits. While it might still be in effect according to law, it isn’t being enforced, like so many of our laws that are no longer being enforced.

How do you overthrow a republic? Simply stop enforcing the laws. In that way, as the Biden-Harris Administration has done, you can lower the crime rate at the same time that crime explodes. Criminals can be coerced to engage in political violence with the assurance that they will not be prosecuted, while those defending themselves are not allowed the same latitude. This is demoralizing while also handicapping opposition.

I’m not an economist, so this proposal has not been vetted, nor has it been seriously investigated. What I do know, from history, and personal experience, is that when banks are forgiven their debts, they buy other banks. When banks are left to go bankrupt, they sell their debts to other banks and the people suffer a double penalty. Not only have they not been forgiven their debts by the bank that failed, as all other small businesses do out of necessity, but the economic climate is so toxic for a while that small businesses cannot restructure their debts, because under government pressure, banks don’t give out those sorts of loans for a period of time, or because their finances are tied up in purchasing someone else’s debt.

What I’m suggesting is for those more knowledgeable in the subject to take a look at that option. What would happen if every bank that failed of its own accord were forced to release their debts? I’m not suggesting that during an economic collapse that all banks forfeit their debts, only those that failed, and it would not be forgiven if the debtor was more than 30 days delinquent, assuming that the government was not allowed to bail any of the banks out.

This is what I thought should have taken place in 2008. Since it did not, we find ourselves in the same or worse place now. The bail-in idea has taken root and banks have changed their relationship with depositors and made them, without consent of the people, creditors to the bank. Now, they can simply withdraw one’s savings and put it on their ledgers to shore up their losses. FDIC would be bankrupt within the first few hours and should not be allowed to fund any depositor in excess of $250,000. That’s why I keep only enough cash in the bank to cover bills that I insist be mailed, not electronically debited.

I know there isn’t the political will to enforce this. I know that most would look on this as a means to avoid paying a mortgage, but I tell you honestly, it seems the best way to get disposable income back into the economy after a massive failure of banks and if we do not do this, we can expect an economic collapse about every decade, during which trillions upon trillions will go to banks and be put on the backs of the people as yet unborn; a crime and immorality I find greater than anything else.

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